Not a lot of major reports on the calendar this week, but that doesn’t mean we shouldn’t keep close tabs on our charts! Here are possible inflection points and market movers for the major dollar pairs!
Weekly Inflection Points to Watch
|
EUR/USD |
GBP/USD |
USD/JPY |
USD/CHF |
|
| Open Price | 1.0592 | 1.2345 | 110.93 | 1.0098 |
| Last Week’s High | 1.0842 | 1.2595 | 110.93 | 1.0124 |
| Last Week’s Low | 1.0568 | 1.2302 | 106.74 | 0.9884 |
| Top Weekly ATR | 1.0689 | 1.2516 | 112.28 | 1.0184 |
| Bottom Weekly ATR | 1.0494 | 1.2174 | 109.59 | 1.0012 |
1-Hour Charts of the Majors
Purple Line: weekly open prices
Blue Line: weekly highs and lows
Red Line: top and bottom weekly ATRs
Blue MA: 100 SMA
Red MA: 200 SMA
3 Potential Catalysts:
1. Pre-holiday profit-taking? – After rising quickly in the past couple of days, the dollar is vulnerable to a bit of profit-taking, especially before the U.S. Thanksgiving holidays. Watch out for potential retracement levels and possible downside momentum over the next trading sessions!
2. OPEC meeting updates – OPEC’s big huddle is only a few days away and you can bet your neighbor’s cat that traders will pay closer attention to what the big players are saying. Word around the hood is that Putin all but declared Russia ready for a production cut. Which major player is next to hint at giving its cooperation?
3. U.K. Treasury’s annual forecasts – It’s that time of the year, folks! Once a year the Office of Budget Responsibility (OBR) rolls out its budget plans for the year ahead. It typically includes the expected spending and borrowing levels, as well as comments and independent forecasts on GDP and inflation. How will the office adjust for the prospect of a Brexit?
That’s it for the pre-week trading prep this week! How about you? Are you looking at anything interesting for possible trade opportunities?
P.S.: Remember to never risk more than 1% of a trading account on any single trade and to adjust position sizes accordingly. Create your own ideas and don’t follow what I do. Better yet, read the Risk Disclosure!
See also:
Here’s my Q3 2016 Trade Review and Reflections
Read the 5 lessons I’ve learned in 2015
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.